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Friday, October 17, 2008

Today the stock market is having a great day bouncing off the low from this morning to breaking out this afternoon.

Two of the biggest gainers for Friday 10/17/08 are ABK and CIT

CIT rebounded after a 38% loss Thursday, when the company reported its net loss ballooned amid surging credit losses and $455 million in write-downs at its vendor-finance business.

AmbacABK: Analysts at Barclays capital cited reports that insurer Ambac Financial Group Inc. was going to the U.S. Treasury with a bailout proposal that would enable insurers to sell bad assets to the government as the primary reason for the stock to bounce.

These two stock have the potential to gap higher on Monday if some nice buy volume can come in at the end of the day and they can remain near their highs.

The stock market is set to open up pre market a lot lower today on Friday, 10/17/08. Investors are nervous about some key economic data due out including Housing Starts and Consumer Confidence.

Stocks to Watch 10-17-08:

Google ( GOOG ) - Google reported earnings of $4.92 Thursday, beating wall street estimates. The stock is set to open Fridays pre market at $388 after closing at $353 on Thursday. Pete Najarian on CNBC Fast Money last night said everyone is piling into Google GOOG right now, chasing after it. Najarian said that we will have another chance to buy Google, don't chase it! Early 2009 they will probably doubt Google once again, and if they miss earnings....it will get slammed. Add this to the fact that business in the beg of 2009 will be horrible combined with the technology slowdown....you will most likely get another chance to buy Google again.

Potash ( POT ) - Potash led all stocks yesterday at the end of the day with positive money flow. This is a positive sign going forward as Pot has just gotten beat up left and right. Potash reports earnings on 10/22 I believe, so keep this stock on your watch lists.

Warren Buffett - Warren Buffett is buying stocks for his personal account for the first time ever. He says that over the long term, this is one of the greatest opportunities you will get. " Be fearful when others are greedy, Be greedy when others are fearful" is Warren Buffets Motto.

Dow Jones trading range: Keep an eye on the current trading range of the Dow Jones Industrial Average. $9800 to $7800. You should be buying when we get closer to the bottom of the range....and selling stocks when you get closer to the high range. S&P 500 trading range - $1006 to $836

- Capital One Financial Corp. (COF) swung to a third-quarter profit as the bank and credit-card issuer saw higher deposits and increased profits in it local banking segment. Shares rose 3.7% in late trading.

- Evergreen Solar Inc. (ESLR) fell 9% pre market after reporting its net loss widened due to start-up costs at a new plant for the solar-panel maker.